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Nine Changes from The SECURE ACT You need to know by Michael Tannery

Nine Changes from The SECURE ACT You need to know by Michael Tannery

Last week’s blog Timeout was a lead to the coming weeks as being focused on how to make you “wealthier”.  We interrupt the planned schedule to give you the latest change to your retirement, estate, and tax planning courtesy of Congress and President Trump.  These changes are going to impact all of you in your planning and financial life.

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays.

THE SECURE ACT

In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).

The SECURE Act made many changes to how you save money for your retirement, how you use your money in retirement, and how you can better use your Section 529 plans.

Whether you are age 35 or age 75, these changes affect you.

Here are nine of the changes.

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San Diego, Summer, and Radiation

San Diego, Summer, and Radiation

Good morning from sunny San Diego!

I am attending the Independent Financial Group National Conference this Wednesday through Saturday.   It is a great time to reconnect with fellow advisors and Industry leaders and also enjoy cool and sunny San Diego.

The things you must think about if you are in San Diego in August.  Such as, do I need a sweater?

Seriously, I realize that the weather in DFW is normal hot August and I will be right back in it with you later this weekend. Next weekend is Labor Day and the unofficial final weekend to Summer.

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2019 06 07 Tax Reminder

Reminder:

Estimated payments for the 2nd quarter are due June 17, 2019.

**The IRS allows you to use your pre-printed 1040-ES Vouchers or you can pay your estimated taxes directly using IRS DIRECT Payments.
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Five Plus One = $12,000

Five Plus One = $12,000

We have seen many of you and here are the top 5 questions we are being asked plus a BONUS planning idea for business owners.

TOP FIVE QUESTIONS

Is my real estate tax, sales tax, and property tax still deductible?  Yes and No.  The “SALT” taxes are limited to a maximum of $10,000. So yes they are deductible however many are finding that with property taxes rising they are getting capped.

Is the mortgage interest on my house deductible?  Yes, however, the standard deduction has risen and now is $24,000 for married couples, $18,000 for the head of households and $12,000 for single filers.  There are also limitations on the amount of the mortgage which for loans taken out after December 16, 2017, the loan is capped at $750,000.

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Cybersecurity and You

Cybersecurity and You

What is Cybersecurity and why is it important to you whether you are an individual, a business owner or a college student?

Cybersecurity is the protection of Internet-connected systems, including hardware, software, and data, from cyber attacks.  Part of living in the digital era is understanding that our private information is more vulnerable than ever before. News stories about ID theft and data breaches abound, with the effects being felt by millions of consumers. And while companies and institutions are constantly working to protect themselves with increased security measures, you can play a role in this fight as well.

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